Dear Fellow Bel Air Crest Neighbor:
Summer arrives…has it ever really left?
Many believe we have only one season…summer. While we are blessed with great weather year ‘round, we do enjoy the occasional rain (which we need much more of!), nippy cold mornings, and the golden
colors of fall. So, with summer now officially here, enjoy your longer, hotter days, but there are caution flags, too.
On the summer front…Be prepared for fire emergencies that have a habit of recurring in our nearby
Canyons and mountains…. follow precautions cited by the LAFD — clear the brush and clutter around your home, have emergency exits preplanned, and insure your electrical systems are not overloaded. As we all love our beaches, there has been a major campaign to improve beach safety….be mindful of official warnings posted by life guards, be aware of rip tides, use plenty of sunscreen, and don’t venture into dangerous surf conditions. Most importantly, watch your family members at all times. And if you’re grilling, stay away from the house, use charcoal and gas safely, and check for gas leaks…and be ready to put out a fire.
On the real estate front…. Case-Shiller reported US home prices have surged for the 72nd straight month. Home prices rose an average of 6.4%, year over year, down slightly from last month’s 6.5%. This really isn’t ‘new’ news…I have been reporting these increases monthly for the past five years. Low inventory levels are primarily the culprit here…yes, interest rates are beginning to rise, but the reality is, demand far exceeds supply. Every where I go, I am asked, how much longer can this last with the value of homes going up and interest rates now, while still low rising? The answer is. “I don’t know, but the majority of the economists seem to feel we are looking at another good year or so.
What is happening in Bel Air Crest? First of all, thank you to all of you who voted to give the Master Architectural Control Committee, and the Master Board the approval to begin working on the long, discussed program of improving the gym and club house. The conversations have already begun as to what we will be doing. SAVE THE DATE – Sunday, the 30th of Sept for our annual BBQ, it will be something new & different this year!
From a real estate perspective, the inventory of homes for sale is almost the same in this past quarter as it was last year. Currently there are 3 Canyon homes for sale vs. 4 last year, and the number of Custom homes available is the same – 4. The latest Custom home to come on the market is the former Kardashian/West home that sold in a private sale for $11,400,000 which is now on the market for $18,000,000. It doesn’t appear that the buyer ever moved in. As for homes currently in escrow, the numbers are quite different, we have 2 homes in escrow, 1 each of Canyon & Custom, vs. 4 last year, 3 of which were Custom homes. The numbers for the closed escrows are the same for each year, 4 each, 2 Canyon and 2 Custom. Some stats for you. On a 12 month stat report for the last 3 months, the average sales amount was $3,500,000 with a high of $5.1, and a low of $1.9 and the average cost per square foot of $571. .
As always, please let me know how I can assist you with any and all of your real estate needs.
See you around
Coldwell Banker Global Luxury Director
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